VT Unemployment Rate Increases to 4.6 per cent
The Vermont Department of Labor has announced that the seasonally-adjusted statewide unemployment rate for July 2013 was 4.6 percent. This represents an increase of two-tenths of a percent from the prior month’s estimate of 4.4 percent. The comparative national average was 7.4 percent which was down two-tenths of a percent from June. July 2013 data represents the third consecutive month reporting an increase in the statewide unemployment rate in Vermont. A review of last year’s initial data shows a similar rise during the months of June and July. Last year’s increases were temporary in nature as the economy continued to improve as reflected in the post-benchmarked numbers. As of the prior month’s initial data, Vermont’s unemployment rate was the fourth lowest in the country.
“The economic recovery for Vermont since the recession has been uneven at certain points. While Vermont still holds one of the lowest unemployment rates in the nation, and the number of UI claimants continues to decline and employers continue to hire, we also have faced challenges such as the IBM layoffs. A key positive factor in Vermont is that we are a small state and programs that we offer can have a big impact on improving the lives of individual Vermonters through job placements, training programs, internships, career exploration, and other career planning and placement services. VDOL is having significant success in matching Vermont job seekers with our employer community. The Department also offers a variety of job development and training services specifically for employers through our regional offices”, said Labor Commissioner Annie Noonan.
The Vermont seasonally adjusted unemployment rate increased by two-tenths of a percent to 4.6 percent in July. The comparable rate for the United States (7.4 percent) decreased by two-tenths of a percent from the revised June estimate. The seasonally adjusted Vermont data for July show the Vermont civilian labor force increased by 200 from the prior month estimates. The number of employed decreased by 500 and the number of unemployed increased by 700. The over-the-month changes for the number of unemployed and the unemployment rate were statistically significant.
July unemployment rates for Vermont’s 17 labor market areas ranged from 3.0 percent in Hartford to 5.7 percent in Newport (note: local labor market area unemployment rates are not seasonally adjusted). For comparison, the July unadjusted unemployment rate for Vermont was 4.4 percent which reflects a decrease of four-tenths of a percent from the June level and a decline of eight-tenths of a percent from a year ago.
The preliminary ‘not-seasonally adjusted’ jobs estimates for July show a decrease of 5,900 jobs when compared to the revised June numbers. This reported over-the-month change does not include the 600 job increase between the preliminary and the revised June estimates due to the inclusion of more data. The monthly increase seen in the July numbers was predominately attributable to seasonal decreases in Local Government Education. The broader economic trends can be detected by focusing on the overthe year changes in this data series. As detailed in the preliminary ‘not-seasonally-adjusted’ July data, Total Private industries have increased by 1.5 percent (3,800 jobs) and Government has increased by 1.8 percent (800 jobs) within the last year.